February 10, 2020Money Education Women & wealth Professionals
Tracing some major milestones in women’s wealth
As a woman, you play many roles: wife, mother, caregiver, employee and volunteer. You’re also an investor. Increasingly, Canadian women are changing the narrative around household finances. They are controlling more wealth, they’re frequently the leading earners in their households and they’re demonstrating great investment instincts. As women continue to redefine the financial landscape, wealth management services are adapting to serve you better to help you make sound decisions about your plans, aspirations and investments.
Here are some of the major milestones women have surpassed in their journey, along with how their preferences are transforming the industry.
Women control more investable assets than ever before
Women are now in charge of $2.2 trillion in financial assets and are expected to oversee approximately $3.8 trillion by 2028 (representing a third of total financial assets in the country). And if real-estate assets are included, that projected number more than doubles.1 With this greater financial clout, women can expect wealth management services to transform to help meet their needs.
Women are now major breadwinners among families
Women now account for an all-time high of 47% of household income in families where there’s a woman employed in the core-working age demographic—almost double the share in the 1970s.1 With an increasing share in high-paying jobs, women will continue to be a significant driving force in the Canadian economy.
The gender gap in personal income has narrowed
While the gender gap still exists, women have made huge strides. Between 1976 and 2015, women's average personal income in Canada climbed by $19,200 (from $16,100 to $35,300. What's more, gender disparity in average personal income was cut by half from 1976 ($32,300) to 2015 ($16,100).2
Women prefer to engage face-to-face on financial advice
When it comes to checking investments, one study out of the UK found almost half of women prefer to interact with their advisors in-person versus 28% of men.3 Notably, the same study found men frequently go online to check on their investments whereas women prefer to seek out professional advice. Because of this preference, women can expect more personalization and tailored financial services.
It’s clear when it comes to investment decisions and money matters, women are playing a more significant role. That means accessing the right resources that can address your needs is more important than ever.
If you’re trying to improve the way you navigate the markets and chart your financial journey, you can benefit from working with an advisor that understands the unique challenges that women face. Call me today to set up a meeting.
1CIBC Economics, Benjamin Tal and Katherine Judge, The Changing Landscape of Women’s Wealth, March 4, 2019
2Statistics Canada, Women in Canada: A Gender-based Statistical Report, May 16, 2018